If I Close My IRA and Give That Money to My Son, Will We Both Have to Pay Taxes on the Money as Income?2022-09-072022-09-07https://www.oceancountyelderlaw.com/wp-content/uploads/2015/09/logo1.pngKathleen A. Browning Sheridan, Esq., P.C.https://www.oceancountyelderlaw.com/wp-content/uploads/2015/09/logo1.png200px200px
No, just you. Any IRA withdrawal is taxed to the owner as regular income. Recipients never pay taxes on gifts they receive. And the givers only pay taxes if the total gifts exceed $12 million.